Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year.

Requires the Director of the Office of Management and Budget (OMB) to: (1) determine the impact and feasibility of changing the definition of a fiscal year and the budget process based on that definition to a two-year fiscal period with a biennial budget process based on such period, and (2) report the findings to the House and Senate Budget Committees.